Fiduciary Liability

You are here

Today, most companies offer any number of retirement, health and employee benefit plans to their employees. The employer has a responsibility to manage these plans with the employees’ best interest in mind. In that role, anyone who has responsibility for managing the plan’s assets or has discretionary responsibility for the plan’s administration is considered a fiduciary.

Fiduciary Liability (FL) Insurance is designed to protect businesses and those individuals serving as fiduciaries against liability in the event they are the target of a claim or lawsuit alleging breaches of the many fiduciary obligations set forth in the Employee Retirement Income Security Act of 1974 (ERISA).